empty
 
 
13.03.2015 06:47 AM
Elliott wave analysis of EUR/JPY for March 13 - 2015

This image is no longer relevant

Technical summary:

We have seen the expected minor correction to 129.09. Now, we should see the next decline to 126.51 in blue wave v and red wave iii. This is the last part of the decline towards the ideal target at 125.98. It is likely to be choppy, as a series of wave three, four, and five is developing. In the short term, a break below minor support at 128.17 confirms the decline towards 126.51, which again should be followed by a minor correction that should stay below 129.00.

Trading recommendation:

It is time to protect your profit by closeing in your stop as much as possible. We will move our stop lower to 129.55 and when support at 128.17 breaks, we will move stop lower to 129.10. Take profit will stay at 126.25

Summary
Urgency
Analytic
Torben Melsted
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback